Until September 23, 2009, IRS Offers Break on Penalties for Undisclosed Offshore Bank Account Holders

The Internal Revenue Service has issued guidelines for resolving the civil tax penalties related to offshore bank accounts for individuals who make voluntary disclosures before September 23, 2009. Generally it will require: Payment of all taxes and interest for the previous six years. Assessment of an accuracy penalty under Internal Revenue Code Section 6662 or a delinquency penalty for all years An undisclosed Foreign... »